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ISLAMABAD- The Economic Coordination Committee (EC) of the cabinet has approved the revised conditions for facilitating the export of sugar. Federal Minister of Finance and Revenue, Senator Muhammad Ishaq, at the meeting of the Economic Coordinating Committee (ECC) of the Cabinet of Ministers.
The Ministry of Commerce has issued a brief on sugar exports with a proposal from SBP and PSMA on certain conditions regarding the mode of payment and period of sale of export proceeds. It was reported that KBO has already authorized the total export of 250,000 tons of sugar on January 3, 2023. However, certain questions were raised by stakeholders in the process of sugar export.
To facilitate the export of sugar, the CEC after detailed discussion approved the revised conditions which can be seen as follows: i. Provincial commissioners will allocate quota within seven (07) days after the notification. ii. Export funds are received through bank channel in advance or within sixty (60) days of opening LC for sugar export. iii. The exporter must ensure the delivery of the cargo within 45 days after the allocation of the quota.
Federal Minister of Commerce Syed Naveed Qamar, Federal Minister of Energy Khurram Dastgir Khan, Federal Minister of Industry and Production Syed Murtaza Mahmood, State Minister of Finance and Revenue Dr. Aisha Ghus Pasha, Shahid Haqan Abbasi, MNA/former Prime Minister, SAPM on Finance Tariq Bajwa, SAPM on Government Efficiency Dr. The meeting was attended by Muhammad Jahanzeb Khan, Prime Minister’s Coordinator for Commerce and Industry Rana Ihsan Afzal, Governor SBP, Federal Secretaries and other senior officers.
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